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Journal of Tax Credits Volume 3 Issue 6
The June 2012 issue of the Novogradac Journal of Tax Credits.
In response to predictions – including my own – that the run up to the November elections will likely involve numerous "show" votes but no real congressional action, it might be tempting to tune out this summer and disregard news from Washington until after the election results are in. However, the fiscal pressure that will continue to build amidst this summer's "show" votes could push lawmakers to strike significant agreements during the lame duck session on matters such as tax and budget bills.
"The details of depreciation spur many to more interesting pastures ..." So begins the case discussion section of a recent Tax Court (TC) case on the topic in AmeriSouth v. Commissioner (TC Memo 2012-67) issued on March 12.
The U.S. Department of Housing and Urban Development (HUD) recently published in the April 20, 2012 Federal Register a revised list of qualified census tracts (QCTs) for the Low-Income Housing Tax Credit (LIHTC) program effective January 1, 2013.
On May 3, the Internal Revenue Service (IRS) published final regulations regarding low-income housing tax credit (LIHTC) qualified contract rules.
In its annual ranking of the nation's top 50 apartment owners and managers, the National Multi Housing Council (NMHC) named Boston Capital, with 192,711 units, the largest owner for the third year in a row.
Ohio state Sens. Bill Beagle and Charleta Tavares introduced S.B. 327 in April to increase the amount of state new markets tax credits (NMTCs) that may be claimed.
Twenty lenders were approved to participate in the U.S. Department of Housing and Urban Development's (HUD's) Multifamily Low Income Housing Tax Credit Pilot program.